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Legislation #: 030087 Introduction Date: 1/23/2003
Type: Ordinance Effective Date: none
Sponsor: None
Title: Approving and designating Redevelopment Project 8 of the Performing Arts District Tax Increment Financing Plan as a Redevelopment Project and adopting tax increment financing therefor.

Legislation History
DateMinutesDescription
1/23/2003

Prepare to Introduce

1/23/2003

Referred Planning, Zoning & Economic Development Committee

1/29/2003

Hold Off Agenda

1/7/2004

Hold Off Agenda

7/14/2004

Hold Off Agenda

7/14/2005 Hold Off Agenda
7/18/2007 Hold Off Agenda
7/16/2008 Hold Off Agenda
7/18/2013 Release
7/19/2013 Released

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ORDINANCE NO. 030087

 

Approving and designating Redevelopment Project 8 of the Performing Arts District Tax Increment Financing Plan as a Redevelopment Project and adopting tax increment financing therefor.

 

WHEREAS, the City Council of Kansas City, Missouri by Ordinance No. 54556 passed on November 24, 1982 and thereafter amended in certain respects by Committee Substitute for Ordinance No. 911076, as amended, passed on August 29, 1991, created the Tax Increment Financing Commission of Kansas City, Missouri (the "Commission"); and

 

WHEREAS, on ______________________, the City Council passed Ordinance No. 030079, which accepted the recommendations of the Commission as to the Performing Arts District Tax Increment Financing Plan ("Redevelopment Plan") and designated the Redevelopment Area to be a blighted area; and

 

WHEREAS, the Redevelopment Plan and ordinance contemplate the implementation of the Redevelopment Plan through eight (8) separate Redevelopment Projects and the adoption of tax increment financing in each of the areas selected for such Redevelopment Projects; NOW, THEREFORE,

 

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

 

Section 1. All terms used in this ordinance shall be construed as defined in Sections 99.800 to 99.865 of the Revised Statutes of Missouri, as amended.

 

Section 2. The area selected for Redevelopment Project 8 legally described as follows:

 

All that part of BLOCK 7, J.H. McGEES ADDITION, a subdivision in Kansas City, Jackson County, Missouri, according to the recorded plat thereof, being more particularly described as follows:

Beginning at a point on the West line of said Block 7, 44.25 feet North of the Southwest corner thereof; thence North along said West line, being also the East right-of-way line of Broadway, as now established, a distance of 102.42 feet to a point, 146.67 feet North of the said Southwest corner; thence Easterly along a straight line, 331.38 feet to a point on the East line of said Block 7, 149.92 feet North of the Southeast corner thereof; thence South along said East line, being also the West right-of-way line of Central Street, as now established, a distance of 126.53 feet; thence the following courses and distances along the Northerly right-of-way line of 16th Street, as now established by Kansas City, Missouri, Ordinance No. 64379 and recorded in Book 1912, at Page 329 with the Jackson County Recorder of Deeds; thence Southerly, Southwesterly and Westerly along a curve to the right, tangent to the last described course, having a radius of 15 feet and a central angle of 96 degrees 45 minutes 01 seconds, an arc distance of 25.33 feet; thence Northwesterly, tangent to the last described curve, 152.44 feet to a point on the West line of Lot 61 of said Block 7; thence Northwesterly, deflecting 5 degrees 56 minutes 58 seconds to the right, from the last described course, 21.53 feet to a point on the East line of Lot 94 of said Block 7; thence Westerly, deflecting 12 degrees 07 minutes 39 seconds to the left from the last described


course, 127.29 feet; thence Westerly, Northwesterly and Northerly along a curve to the right, tangent to the last described course, having a radius of 15 feet and a central angle of 90 degrees, an arc distance of 23.56 feet to the point of beginning.

 

is approved and designated as the Performing Arts District Tax Increment Financing Plan Redevelopment Project 8 (Project 8").

 

Section 3. Tax increment allocation financing is hereby adopted for taxable real property in the above described area selected for Project 8. After the total equalized assessed valuation of the taxable real property in Project 8 exceeds the certified total initial equalized assessed valuation of the taxable real property in Project 8, the ad valorem taxes, and payment in lieu of taxes, if any, arising from the levies upon the taxable real property in such project by taxing districts and tax rates determined in the manner provided in subsection 2 of Section 99.855 each year after the effective date of the ordinance until redevelopment costs have been paid shall be divided as follows:

 

1. That portion of taxes levied upon each taxable lot, block, tract, or parcel of real property which is attributable to the initial equalized assessed value of each such taxable lot, block, tract or parcel of real property in the area selected for the Project 8 shall be allocated to and, when collected, shall be paid by the Jackson County Collector and the City Treasurer to the respective affected taxing districts in the manner required by law in the absence of the adoption of tax increment allocation financing;

 

2. Payments in lieu of taxes attributable to the increase in the current equalized assessed valuation of each taxable lot, block, tract, or parcel of real property in the area selected for Project 8 over and above the initial equalized assessed value of each such unit of property in the area selected for Project 8 shall be allocated to and, when collected, shall be paid to the City Treasurer who shall deposit such payment in lieu of taxes into a special fund called the "Special Allocation Fund" of the City for the purpose of paying Redevelopment Project Costs and obligations incurred in the payment thereof. Any payments in lieu of taxes which are not paid within sixty (60) days of the due date shall be deemed delinquent and shall be assessed a penalty of one percent (1%) per month.

 

Section 4. In addition to the payments in lieu of taxes described in subsection 2 of Section 3 above, fifty percent (50%) of the total additional revenue from taxes which are imposed by the City or taxing districts, and which are generated by economic activities within the area selected for Project 8 over the amount of such taxes generated by economic activities within such area in the calendar year prior to the adoption of this ordinance, while tax increment financing remains in effect, but excluding taxes imposed on sales of charges for sleeping rooms paid by transient guests of hotels and motels, licenses, fees or special assessments and personal property taxes, other than payments in lieu of taxes, shall be allocated to, and paid by the collecting officer to the City Treasurer or other designated financial officer of the City, who shall deposit such funds in a separate segregated account within the Special Allocation Fund.

 

_____________________________________________

 

 

Approved as to form and legality:

 

 

 

___________________________________

Assistant City Attorney